Will home prices in California go up with increasing mortgage rates? A lot of homeowners are beginning to wonder if they should sell. There’s nervousness in the economy and even concerns about a possible housing recession. None of that is helped by mortgage rates as high as 7%.
If you’re considering listing your home, there are factors to consider in the coming months. Here’s some of the latest market information and price outlook for 2023.
What’s on the Horizon for Home Prices in California
Like most real estate markets across the country, sales and home prices in California took a dip in 2022. Projections say that will continue across the state with another 9% drop next year. Experts also forecast that buyers demand and home sales will drop.
Some estimates expect:
- A 7.2% decrease in home sales
- Interest rates will remain high
- Possible economic recession could cause bigger price drops
According to Redfin, median home prices climbed through April, but then tumbled back down during summer and fall. 2022 saw 37.4% fewer homes sales compared to 2021.
The number of homes sold at a reduced price increased to 35.9%. Both supply and demand have been down this year and experts say that’s not going to change in 2023.
In specific California markets like Orange County, the outlook for next year projects a negative trend. Demand will go down and there will be an overall bearish market. This could be motivation for homeowners in Orange County to sell sooner rather than later.
Get Your Home Sold, No Matter What the Market Does
Home sellers who feel concerned about the outlook for home prices in California may decide to sell now. If you think you need to put a property on the market, it may be better to list now rather than wait.
If you need to get your home sold fast and for the best price, call Your Home Sold Guaranteed Realty – Rudy Lira Kusuma Real Estate Team. Even if the market tightens, you can count on the best realtor in Orange County to sell your home.
We’re even willing to guarantee the sale. If we’re not able to sell your home, we’ll buy it back ourselves. This exclusive, written guarantee is available with our Guaranteed Sale Program. Don’t spend too much time worrying about home prices in California. If you need to sell your home fast, give us a call at 626-789-0159. You can also use the form below and we’ll be in touch.
